The San Francisco-based shoe company’s public filing reported revenue of US$219.3 million and a net loss of US$25.9 million in 2020. (The Logic)

Talking point: Despite its loss, Allbirds hits on current business trends like e-commerce, green investing and athleisure. Last year, 89 per cent of its sales were digital. Its wool shoes have sugarcane soles and its new clothing line uses eucalyptus tree fiber. Headquartered in a place where hoodies and fleece vests pass as office wear, even Allbirds foresees a post-pandemic shift toward further “wardrobe casualization.” The ubiquitous kicks have been dubbed “excessively nondescript,” while the staying power of its signature sock-free look always seems to be up for debate. In its filing, Allbirds provides a different view of its “evangelical” wearers, saying it pairs the “right amount of nothing” with a touch of “verve,” sparing wearers from being a “walking billboard.” The company was last valued at US $1.7 billion, according to Pitchbook; and it is reportedly seeking a valuation of at least US$2 billion in its listing.